Germany's Deutsche Bank benefited from trades pegged to the London Interbank Offer Rate (Libor) currently under investigation, the Wall Street Journal reported on Thursday, adding that the bank made at least 500 million euros ($654 million) in profit from the trades in 2008.
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Pedestrians pass 30 South Colonnade, centre, where the London interbank offered rate, or Libor, was set daily.
Bets worth billions of euros related to Libor and other global benchmark rates were placed by the firm, the newspaper said, citing internal documents from the firm.
It added however that the documents did not prove that the trades made by the bank affected the market or were illegal.
"This strategy, which was subject to the bank's risk limits and used by many in the marketplace, diversified and lowered the bank's portfolio risk during the peak of the financial crisis," a spokesperson for Deutsche Bank told CNBC.com
"It was based on a market view about the likely direction of interest rates and not on any belief that the bank could inappropriately influence interbank lending rates."
(Read More: UBS Says Cleaning Up Its Act After Libor 'Shocker')
Investigations into the Libor scandal have already resulted in 18 UBS staff being sacked and the bank handing over $1.5 billion. U.K. bank Barclays paid out a $450 million in June for its part in the scandal, with CEO Bob Diamond also resigning.
The estimated rates at which banks lend to one another are compiled each day into one figure known as the London Interbank Offer Rate. Regulators from around the globe have uncovered widespread manipulation of Libor, and other related rates, and more than a dozen firms have received subpoenas and information requests.
(Read More: UBS Traders' 'Humongous' Libor-Fixing Boasts)